Buy A New Home Before Selling or Renting Your Current Primary!

Justin MillerNo CommentsConventional Loans

We just came out with a new program that allows a borrower to buy a new home who haven’t get listed or rented their current primary (departure residence) prior to closing.  This feature enables a borrower to exclude their current prior residence payment from their debt to income ratio, and helps the borrower qualify for the new purchase.  Some of the requirements are as follows:

  • Minimum of a 700 middle credit score
  • Maximum loan to value of 80%
  • Minimum $300k loan amount
  • A signed letter of intent to indicate you intend to rent or list the departure residence within 90 days of closing on the new property
  • The departure residence must have at least 20% equity in it
  • Reserves of 6 to 9 months are required

Call or email us today to find out more!